Altcoins are becoming a joke...... Anyone Agree?

[newrad]

Everyday there is a new SHITcoin being released. It's becoming a joke now.  Enough is Enough!
 
Nobody accepts these Altcoins as currency, or payment, and nobody outside of this forum (and the cryptocurrency community) knows what the hell a Litecoin, Dogecoin, NXT, or Monero is.....

People in the real world BARELY know what Bitcoin is.... It's gonna be another 5+ years before Bitcoin starts to meet it's true potential.


The creation of new Altcoins needs to stop, let's face it... Bitcoin has BILLIONS invested into it, and isn't going anywhere.  Until Bitcoin fully penetrates the mainstream, no Altcoin will be a successful predecessor.   

Also 1 more thing.... Cryptocurrencies are not stocks. 


Let's discuss.




(Monero & Litecoin are the only candidates to be the BTC alternative)

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[El Dude]

any altcoin without 1 million in daily volume is a joke i.e. anything not litecoin  

[Derrike]

Yes I definitely agree with you and always think while watching the altcoin calender that what's the use of all these altcoins,  these all are just pump and dump.

[benthach]

altcoins is nothing but a joke at this point
meaningless coins after coins, the creator of the scam coin might make a few btc then disappeared forever to make new coins, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat... let me know if no one not understand the word repeat.

[kennyP]

You should read Nathaniel Popper's book "Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money"

http://www.amazon.com/Digital-Gold-Bitcoin-Millionaires-Reinvent/dp/0062362496

It's a great account of how the early bitcoin adopters nursed bitcoin to where it is today. I knew the basic outline of the history, but Popper's account made me realise what all these early adopters had in common - their excitement for bitcoin had nothing to do with the world as it was, but with the world they could imagine, and the price of bitcoin and the number of users didn't deter them.

Can you imagine a world with hundreds of viable digital currencies? I can, and that's what I expect will happen in 3-5 years time, and some of those currencies exist today, and they're basically worth peanuts today, just like bitcoin was in 2010/11.

My big fear is banks and corporations will launch their own coins, so by the time the general public learn what a blockchain is they'll be using 100's of corporate coins that have nothing to do with the original vision for decentralized finance. That's why I think the SuperNET is so cool, as it's basic premise seems to be all alt coins should compete for end users, but they should do it in a co-operative way, like shops in a mall.

Shoppers like going to the mall because everything is there in the one place so its convenient (like the SuperNET client will be), but individual shops are competing none the less. Individual alt coins have no chance against citibank coin, but SuperNET definitely will!!

[rdnkjdi]

Most altcoins have ALWAYS been a joke (glance back to the days of solidcoin).  

There have been a few innovations.

Litecoins p2p pools, NXT & Counterparty, Cryptonote.

If you don't remember that 99% of what's going on in here are people trying to leave you holding a bag with something they created from nothing.  Then you aren't thinking right.

Also - most of the innovation has moved out of the altcoin forums.  AT, Ethereum, sidechains, etc.  

[kennyP]

Most altcoins have ALWAYS been a joke (glance back to the days of solidcoin).  

There have been a few innovations.

Litecoins p2p pools, NXT & Counterparty, Cryptonote.

If you don't remember that 99% of what's going on in here are people trying to leave you holding a bag with something they created from nothing.  Then you aren't thinking right.

Also - most of the innovation has moved out of the altcoin forums.  AT, Ethereum, sidechains, etc.  

I'd say ~10% of current alts have a chance at success (so 90% are worthless), but that's still a good number of coins. Once the bear market ends for good I predict another wave of alt coins but the bar will be higher this time, so more professional scams, and a few decent coins with some genuine innovation

the key to alt investing success is research & reading, and many here don't bother with that, so they judge all alts as being similar when many aren't. NXT started as an alt, and most said it was a scam, but they were clearly wrong.

the risk/reward profile for alts makes them profitable for scammers, but also profitable for people willing to wade through this damn forum

[MaxDZ8]

Are becoming?
The joke has been ongoing for longer than I can stand. It ceased being funny quite some time ago.
Back then we had true innovators like overkill coin or stuff borderlining art such as ripoff coin!

And btw, BTC alternative in LTC... cmon man!

[NorrisK]

You should understand that investments need time to grow. If a VC invests 100 million into bitcoin, that doesn't mean it becomes worth more overnight.. Infrastructure has to be build before you see the result. The same goes for altcoins.

Coins like NXT, NEM and XCP are going to be interesting.

[unusualfacts30]

First of all it's not becoming a joke...may be cryptocurrency is becoming a joke since every scammer is coming up with their own scam but the "idea" behind it is not becoming a joke. Government, Bank, Companies have found a great way to take advantage of blockchain and they're using it for their benefits.

Overall it has been very succesful idea and I'm sure Satoshi is very proud of it.

There are real people who're using blockchain, crypto for their day to day need and I think that's what satoshi was trying to accomplish...he never cared about the price of it only investors care so much about price.

[HCLivess]

the only reason for this thread is you feeling threatened

[KlondikeBear]

Can you imagine a world with hundreds of viable digital currencies? I can, and that's what I expect will happen in 3-5 years time, and some of those currencies exist today, and they're basically worth peanuts today, just like bitcoin was in 2010/11.

the key to alt investing success is research & reading, and many here don't bother with that, so they judge all alts as being similar when many aren't. NXT started as an alt, and most said it was a scam, but they were clearly wrong.

the risk/reward profile for alts makes them profitable for scammers, but also profitable for people willing to wade through this damn forum

I agree, good summary.


DR. ALBAN LYRICS

 Enemy's gathering rumours ignorant spread
 Fools accept them without confirmation
 Hey, you'd better surrender

 Stop spreading these rumours, oh
 Enemy's gathering rumours, oh yeah

 Enemies are gathering rumour ignorant spread
 Enemies are gathering rumour ignorant spread
 Fools take it and accept it.
 Fools take it and accept it.

 Enemy's gathering rumours ignorant spread
 Fools accept them without confirmation
 Hey, you'd better surrender

[rnicoll]

You should understand that investments need time to grow. If a VC invests 100 million into bitcoin, that doesn't mean it becomes worth more overnight.. Infrastructure has to be build before you see the result. The same goes for altcoins.

Coins like NXT, NEM and XCP are going to be interesting.

NXT, NEM and XCP aren't the jokes here, it's the constant stream of pre-mined coins coming out of the announcements board.

Well, NXP and XCP aren't, anyway, never heard of NEM before.

[Abiky]

I think that the most promising alt coins are: NXT, LTC, XMR and BTS. The rest of the alt coins are just not worth it. Just my opinion 

[CryptyMike]

Definitely true, I have been in the altcoin/Bitcoin world for a long time. March 2014 was a big boom for altcoins, when pump and dumps were at their height. Even that was a joke despite the altcoin game being profitable. Of course I have invested in altcoins and I did well, but it was mostly luck, and truly understanding how to capitalize on scammers and silly twitter accounts haha.

All in all, BTC is a wise investment imo, in addition to your existing portfolio such as stocks, or real estate perhaps.

At the end of the day, if EVERYONE was 100% in BTC, the market cap of BTC would increase and this would results in pushing us farther than we are. We need to all be on the same team, and that team is BTC...not CANN or something XD

P.S. - Altcoins are fun to fool in sometimes, but ultimately its best if we are all in BTC.

[monsterer]

Also 1 more thing.... Cryptocurrencies are not stocks. 

Really? That is probably the best parallel we have; 'stocks' accessible to anyone who owns a computer.

[KlondikeBear]

Yes, the best and wrong. If cryptoCURRENCIES are stocks, what are cryptoSTOCKS then?
Cryptostocks.com or NXT Asset Exchange are places where anyone who owns a computer can buy "stocks".
Currencies have different features.

Also 1 more thing.... Cryptocurrencies are not stocks. 

Really? That is probably the best parallel we have; 'stocks' accessible to anyone who owns a computer.

[Abiky]

Yes, the best and wrong. If cryptoCURRENCIES are stocks, what are cryptoSTOCKS then?
Cryptostocks.com or NXT Asset Exchange are places where anyone who owns a computer can buy "stocks".
Currencies have different features.

Wow! I had no idea this ever existed. I'm going to try this out. Thanks! 

[monsterer]

Yes, the best and wrong. If cryptoCURRENCIES are stocks, what are cryptoSTOCKS then?
Cryptostocks.com or NXT Asset Exchange are places where anyone who owns a computer can buy "stocks".
Currencies have different features.

A cryptocurrency can be thought of like a company; it has shares (the currency), profit (fees burnt), employees (miners), users (us).

[KlondikeBear]

Yes, the best and wrong. If cryptoCURRENCIES are stocks, what are cryptoSTOCKS then?
Cryptostocks.com or NXT Asset Exchange are places where anyone who owns a computer can buy "stocks".
Currencies have different features.

A cryptocurrency can be thought of like a company; it has shares (the currency), profit (fees burnt), employees (miners), users (us).

That is true for Ripple maybe.

But classic cryptocurrency 1) is not incorporated 2) has no debts 3) has no accounting 4) has no assets 5) has no real profits or dividends
6) cannot be bankrupted 7) doesn't produce any product.
You usually cannot buy goods or services for stocks, etc. etc. etc.

Why should we use "stocks" analogy instead of just calling it "currencies" which they really are.
Let's call a spade a spade.